中文摘要
1932年至1939年间,复兴金融公司(Reconstruction Finance Corporation)与公共工程管理局(Public Works Administration)向50家美国铁路公司发放了超过11亿美元的贷款。政府的目标是增加就业并降低债券违约的可能性。救助对就业的影响似乎微乎其微,但我们估计救助确实提高了铁路雇员的平均工资。据估计,救助降低了企业债务,但对债券违约没有显著影响。我们发现一些证据表明,位于铁路附近的制造企业从救助的外溢效应中获益。 *
Abstract
The Reconstruction Finance Corporation and Public Works Administration loaned 50 U.S. railroads over $1.1 billion between 1932 and 1939. The government’s goal was to increase employment and decrease the likelihood of bond defaults. Bailouts appear to have had little effect on employment, but we estimate that they did increase the average wage of railroad employees. Bailouts are estimated to have reduced firm debt, but did not significantly impact bond default. We find some evidence that manufacturing firms located close to railroads benefited from bailout spillovers. *